International GAAP 2021

Chapter 2The IASB's Conceptual Framework

• 1 INTRODUCTION
  • 1.1 What is a conceptual framework?
  • 1.2 Why is a conceptual framework necessary?
• 2 DEVELOPMENT OF THE IASB'S CONCEPTUAL FRAMEWORK AND EFFECTIVE DATE
• 3 CONTENTS, PURPOSE AND SCOPE OF THE IASB'S CONCEPTUAL FRAMEWORK
  • 3.1 Contents of the Conceptual Framework
  • 3.2 Status and purpose of the Conceptual Framework
• 4 CHAPTER 1: THE OBJECTIVE OF GENERAL PURPOSE FINANCIAL REPORTING
  • 4.1 Objective, usefulness and limitations of general purpose financial reporting
    • 4.1.1 Objective and usefulness
    • 4.1.2 Limitations
  • 4.2 Information about the economic resources of an entity and the use made of them, claims against the entity, and changes in resources and claims
    • 4.2.1 Economic resources and claims
    • 4.2.2 Changes in economic resources and claims
    • 4.2.3 Information about the use of economic resources (stewardship)
• 5 CHAPTER 2: QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATION
  • 5.1 Fundamental qualitative characteristics
    • 5.1.1 Relevance (including materiality)
    • 5.1.2 Faithful representation
    • 5.1.3 Applying the fundamental qualitative characteristics
  • 5.2 Enhancing qualitative characteristics
    • 5.2.1 Comparability
    • 5.2.2 Verifiability
    • 5.2.3 Timeliness
    • 5.2.4 Understandability
    • 5.2.5 Applying the enhancing qualitative characteristics
  • 5.3 The cost constraint
• 6 CHAPTER 3: FINANCIAL STATEMENTS AND THE REPORTING ENTITY
  • 6.1 Financial statements
    • 6.1.1 Objective and scope of financial statements
    • 6.1.2 Reporting period and comparative ...